Dole(DOLE) - 2023 Q4 - Annual Report

Financial Performance - Revenue for the year ended December 31, 2023, was $8.245 billion, an increase of 2.8% compared to $8.024 billion in 2022[6] - Net income for 2023 was $155.7 million, a 39.3% increase from $111.8 million in 2022, with diluted EPS rising to $1.30 from $0.91[6] - Adjusted EBITDA for the year was $385.1 million, reflecting a growth of 6.9% from $360.4 million in the previous year[6] - Total revenues for the year ended December 31, 2023, were $8,245,268, an increase from $8,024,403 in 2022, representing a growth of 2.75%[42] - Gross profit for the year ended December 31, 2023, was $694,170, compared to $599,878 in 2022, reflecting a year-over-year increase of 15.73%[42] - Net income attributable to Dole plc for the year ended December 31, 2023, was $124,063, up from $86,496 in 2022, indicating a growth of 43.5%[42] - Basic net income per share attributable to Dole plc for the year was $1.31, compared to $0.91 in 2022, marking a 43.96% increase[42] - The company reported an operating income of $272,158 for the year ended December 31, 2023, compared to $175,265 in 2022, reflecting a significant increase of 55.4%[42] - Adjusted EBITDA for the year ended December 31, 2023, was $385,118,000, up from $360,396,000 in 2022, indicating a 6.8% increase[47] - The adjusted operating income for the year ended December 31, 2023, was $235,715 thousand, compared to $219,060 thousand in 2022, indicating a year-over-year increase of 7.6%[58] Cash Flow and Debt Management - Free Cash Flow from Continuing Operations was $220.6 million for 2023, benefiting from strong Adjusted EBITDA performance[29] - Net Debt decreased by $204.2 million to $818.3 million as of December 31, 2023[6] - Cash and cash equivalents increased to $275,580 as of December 31, 2023, from $228,840 in 2022, representing a growth of 20.4%[43] - Net cash provided by operating activities from continuing operations was $298,605,000, down from $323,612,000 in the previous year, a decrease of 7.7%[45] - The company reported a net cash used in financing activities of $229,998,000, compared to $173,396,000 in 2022, an increase of 32.7%[45] - Total gross debt decreased to $1,093,836,000 from $1,251,253,000, a reduction of about 12.6%[63] - Net debt improved to $(818,256,000) from $(1,022,413,000), indicating a decrease of approximately 19.9%[63] Segment Performance - Revenue in the Diversified Fresh Produce - EMEA segment increased by 14.8%, or $111.3 million, driven by inflation-justified price increases[17] - Adjusted EBITDA in the Diversified Fresh Produce - EMEA segment increased by 44.1%, or $10.0 million, due to strong performance across the segment[18] - The Fresh Fruit segment generated revenue of $3.135 billion for the year ended December 31, 2023, up from $3.047 billion in 2022[61] - The Diversified Fresh Produce - EMEA segment reported revenue of $3.432 billion for the year ended December 31, 2023, compared to $3.152 billion in 2022[61] - The Diversified Fresh Produce - Americas & ROW segment saw a decrease in revenue to $1.800 billion for the year ended December 31, 2023, down from $1.966 billion in 2022[61] Capital Expenditures and Future Guidance - Capital expenditures for 2023 were $78.0 million, focusing on farm renovations and IT investments[27] - For fiscal year 2024, capital expenditure from continuing operations is guided to be in the range of $110 - $120 million[34] - The target for 2024 is to deliver full year Adjusted EBITDA in line with 2023 on a like-for-like basis[31] Dividends and Shareholder Returns - Dole plc declared a cash dividend of $0.08 per share for Q4 2023, payable on April 4, 2024[35] Non-GAAP Measures and Adjustments - Dole plc's adjusted financial measures, including Adjusted EBIT and Adjusted EBITDA, are presented to assist investors in evaluating core operating performance[67] - The company emphasizes the importance of non-GAAP measures for consistent performance comparison across reporting periods[67] - Adjusted earnings per share and net debt calculations exclude certain items to provide a clearer picture of financial health[71] - The company is unable to provide a reconciliation for projected FY'24 results without unreasonable efforts, indicating potential uncertainty in future guidance[73]